Cresud Sa · BCBA:CRES
Cresud Sa — Argentine Day, Bank of America, New York, February 2024
63 slides from Cresud Sa's conference presentation, February 2024
Slide 1: Group Institutional Presentation - Argentine Day
GROUP INSTITUTIONAL PRESENTATION ARGENTINE DAY Bank of America New York - February 2024
Slide 2: Group Corporate Structure
GROUP CORPORATE STRUCTURE MORE THAN 30 YEARS INVESTING IN REAL ASSETS FLOAT 61.0% 100% 35.4% 50.1% 17.7% 54.4% Farms in ARGENTINA Farms in Agricultural Agricultural BRAZIL, BOLIVIA & PARAGUAY Commercial Services E-commerce 29.9% 2
Slide 3: Agenda
1 ARGENTINE MACRO OPPORTUNITY AGRIBUSINESS 2 LATAM & ARGENTINA & REAL ESTATE POTENTIAL REGIONAL AGRIBUSINESS 3 CRESUD & BRASILAGRO ARGENTINE 4 IRSA REAL ESTATE COSTA 5 IRSA URBANA PROJECT
Slide 4: Argentine GDP Real Growth %
ARGENTINE GDP REAL GROWTH % HIGH VOLATILITY THROUGHOUT HISTORY BUT HUGE OPPORTUNITY AFTER 10 YRS RECESSION STRONG GROWTH DURING THE ‘90s COMMODITIES SUPER CYCLE 12 10,5 10,4 10,1 10 9 8,9 9 8,1 8 8 6,3 6 6 5,5 5 3,9 4,1 4 2,7 2,8 10 YRS 2,4 RECESSION 2 0 -0,8 -1 -2 -1,3 -2,1 -2,1 -2,8 -2,5 -2,6 -2,5
Slide 5: Argentine Fiscal Balance
ARGENTINE FISCAL BALANCE HISTORICAL FISCAL DÉFICIT IN ARGENTINA LED TO SEVERAL CRISIS Primary fiscal result (as a % of GDP) 6,00% 4,00% 3,30% 3,00% 2,40% 2,00% 0,00% Target 2024 0% -2,00% “2001 crisis” -2,00% -3,00% -4,00% -3,90% -4,00% -5% “1989 Hyperinflation” -4,80% -6,00% “Estanflation 2012- 202
Slide 6: Historical Inflation in Argentina
HISTORICAL INFLATION IN ARGENTINA CURRENT GOVERNMENT SEEK TO AVOID HYPERINFLATION TARGETING 0% FISCAL ACCOUNT & NO PRINTING 4.924% 1.344% 300,0% 250,0% 211,4% 200,0% 150,0% 100,0% 94,8% 84,0% Low inflation during the ’90s 47,6% 53,8% 50,9% 50,0% 41,0% 37,6% 36,1% 36,1% 25,6%21,6% 24,6%21,9%24,9%28,4
Slide 7: Argentine Peso Weakness Against USD
ARGENTINE PESO WEAKNESS AGAINST USD AFTER 20 YRS, THE CURRENCY SHOULD BE RECOVERING VALUE Source: Bloomberg 7
Slide 8: Real Exchange Rate Evolution in Argentina
REAL EXCHANGE RATE EVOLUTION IN ARGENTINA Source: Broda & BCRA 8
Slide 9: LATAM Foreign Direct Investment
LATAM FOREIGN DIRECT INVESTMENT ARGENTINA: FROM RECEIVING 16% OF LATAM FDI IN THE ‘90s TO JUST 5% CURRENTLY OTHER LATAM 20,8% 21,3% 33,4% 21,3% MEXICO 24,7% 3,9% 3,7% 3,5% 7,9% 7,3% 0,5% 4,2% PERU 4,0% 9,0% 8,6% 8,0% 7,7% COLOMBIA 6,4% 8,3% CHILE 9,5% 28,8% 25,9% BRAZIL 41,1% 40,0% 27,5% 16,2% ARGEN
Slide 10: Agenda
1 ARGENTINE MACRO OPPORTUNITY AGRIBUSINESS 2 LATAM & ARGENTINA & REAL ESTATE POTENTIAL REGIONAL AGRIBUSINESS 3 CRESUD & BRASILAGRO ARGENTINE 4 IRSA REAL ESTATE COSTA 5 IRSA URBANA PROJECT
Slide 11: Regional Agribusiness Strengths
REGIONAL AGRIBUSINESS STRENGTHS SOUTH AMERICA EXCESS OF WATER RESOURCES PER CAPITA PER CAPITA RENEWABLE FRESHWATER RESOURCES FRESHWATER STRESS LEVELS (m3) WATER WITHDRAWALS AS A SHARE OF INTERNAL RESOURCES South America 30,428 Oceania 29,225 Eastern Europe 21,383 North America 12,537 Central America
Slide 12: Regional Agribusiness Strengths
REGIONAL AGRIBUSINESS STRENGTHS LATAM GROWING IMPORTANCE AS A WORLD FOOD SUPPLIER CROPS NET TRADE BY REGION IN CONSTANT VALUE 100 2008-2010 2018-2020 2030 80 75 70 55 45 36 15 -20 -18 -22 -25 -35 -40 -45 -60 -85 -100 Europe & North America LATAM Asia Pacific Middle East & Sub-saharan Central Asia No
Slide 13: Soybean World Production
SOYBEAN WORLD PRODUCTION LOSS OF ARGENTINE COMPETITIVENESS DESPITE BEST LATAM SOIL CONDITIONS SOYBEAN PRODUCTION: BRAZIL IMPRESSIVE GROWTH ARGENTINA & BRAZIL TOP AGRI EXPORTERS (million tons) AGRI INDUSTRY ARGENTINA BRAZIL 97 % of GDP 17% 27% 46% 73 91 91 83 91 107 107 117 120 121 115 122 116 84 84
Slide 14: Argentine Real Estate Industry Potential
ARGENTINE REAL ESTATE INDUSTRY POTENTIAL RESIDENTIAL REAL ESTATE Mortgages evolution Total Mortgages compared to other countries (as a % of GDP) (as a % of GDP) Argentine housing deficit Maximums in the ‘90s 3.5mm houses 6,3% Housing deficit; 29% 47,8% 5,8% 5,4% 40,8% 4,8% 4,0% 3,8% 26,7% 2,7% 24,9%
Slide 15: Argentine Real Estate Industry Potential
ARGENTINE REAL ESTATE INDUSTRY POTENTIAL Local GLA per capita COMMERCIAL REAL ESTATE Local shopping mall sales penetration (mall GLA per ‘000 inhab.) (Shopping mall sales/ retail sales) 168 25,0% 92 24,0% 79 21,4% 63 19,4% 63 17,0% 50 Latam avg w/o 11,0% Arg: 93 Low regional penetration in the Class
Slide 16: Argentine Real Estate Prices Evolution
ARGENTINE REAL ESTATE PRICES EVOLUTION STRONG RESILIENCY AS A SAFEGUARD AGAINST INFLATION AND FX VOLATILITY 5.000 5.000 4.900 4.800 4.700 4.350 4.400 4.200 4.200 A+ Offices BA 4.000 4.000 4.000 (USD/sqm) 3.800 3.400 3.100 3.100 2.800 2.800 2.570 2.349 2.280 2.245 2.205 2.060 2.110 1.973 1.900 1.879
Slide 17: Agenda
1 ARGENTINE MACRO OPPORTUNITY AGRIBUSINESS 2 LATAM & ARGENTINA & REAL ESTATE POTENTIAL REGIONAL AGRIBUSINESS 3 CRESUD & BRASILAGRO ARGENTINE 4 IRSA REAL ESTATE COSTA 5 IRSA URBANA PROJECT
Slide 18: About Cresud
ABOUT CRESUD • LEADING AGRICULTURAL COMPANY Farms in 100% Managing an approximately 800k ha portfolio in Argentina, and in Brazil, Argentina Paraguay & Bolivia through our subsidiary Brasilagro. • DIVERSIFIED PORTFOLIO 35.4% Exposure to farmland in Argentina, Brazil, Paraguay and Bolivia mitigates F
Slide 19: Current Regional Agribusiness Portfolio
CURRENT REGIONAL AGRIBUSINESS PORTFOLIO THROUGH CRESUD, BRASILAGRO & SUBSIDIARIES CREciendo en SUDamérica Growing in South América ✓883,500 HA UNDER MANAGEMENT 71% OWNED, 14% LEASED & 15% LT CONCESSION ✓27 FARMS ACROSS THE REGION ✓419,000 PRODUCTIVE HA BrasilAgro farms 50% CROP & 50% CATTLE CRESUD f
Slide 20: Main Recent Events
MAIN RECENT EVENTS 2024 REGIONAL CAMPAIGN PROGRESS 1 Similar size than 2023, lower commodity prices but higher expected yields & margins BETTER CLIMATE CONDITIONS EXPECTED IN ARGENTINA 2 Despite a beginning of the campaign and last January with lack of rains 3 BRASILAGRO: LOWER PRODUCTIVE RESULTS DU
Slide 21: International Commodities Prices
INTERNATIONAL COMMODITIES PRICES USD cents per bushel 2.000,00 BOOM POST-COVID SOYBEAN CORN & RUS/UKR WAR 1.800,00 Since Sep-22 (var %) -12.9% -34.6% +112% 1.769 SOYBEAN Since Jul-23 (var %) -17.8% -12.2% 1.600,00 -24% 1.400,00 1.200,00 1.189 Downtrend (2H23) 1.000,00 +161% 801 800,00 CORN -45% 600,
Slide 22: Argentine FX Evolution
ARGENTINE FX EVOLUTION OFFICIAL FX DEVALUATION & FX GAP REDUCTION TURNS FARMING MORE COMPETITIVE 1.248 BLUE CHIP SWAP 831 130% FX OFFICIAL FX devaluation (first measure of new government 366 on dec-23) 164,5% FX GAP 51,5% BRECHA CCL OFICIAL 22
Slide 23: Farming Activity: Regional Planted Area Evolution
FARMING ACTIVITY REGIONAL PLANTED AREA EVOLUTION PLANTED SURFACE (Th. Has) 278 283 279 283 282 BREAKDOWN BY CROP Leased to 262 14 24 24 28 21 3rd parties Others 14 15% 12 14 Bolivia 8 Wheat 3% 12 Paraguay 226 220 220 217 46%Soybean 213 208 Sugarcane 10% 197 181 109 119 Brazil Corn 26% 142 141 BREAKD
Slide 24: Farming Activity: Regional Crop Production Track Record
FARMING ACTIVITY REGIONAL CROP PRODUCTION TRACK RECORD SUGARCANE PRODUCTION (Th. Tn) GRAIN PRODUCTION (Th. Tn) 844 2.411 828 2.215 2.123 813 2.150 798 2.039 1.814 1.901 147 182 Bolivia 764 1.157 1.229 928 1976 1857 Brazil 576 658 612 596 589 359 Region 568 362 536 2012 2013 2014 2015 2016 2017 2018
Slide 25: Farmland Real Estate
FARMLAND REAL ESTATE ADDING VALUE TO THE LAND & ROTATING OPTIMIZED PORTFOLIO 2.4x 17k Sold farms Sold ha per year per year PROFIT 133,8 BOOK VALUE 121,9 3.0% 72 Sold portfolio per year 67,2 103 61,7 51,9 Farms sold Los Pozos El Tigre 46,5 during 1H 24 (oct-23) (oct-23) 28 34,1 60 Surface sold 26,1 6
Slide 26: Agricultural Commercial Services
AGRICULTURAL COMMERCIAL SERVICES CRESUD COMPLEMENTING TRADITIONAL FARMING WITH SERVICES, TRADING AND AGTECH STAKE: 50.1% 1999 fyo.com Start up. TRADED TONS EVOLUTION & MARKET SHARE 2000 Partnership with Cresud. (MM TONS & %) 8,24% 7,25 2003 Barter and 6,44 6,65 Supplies. 5,76 5,48 5,10 6,04% We o f
Slide 27: Agribusiness Adjusted EBITDA Evolution
AGRIBUSINESS ADJUSTED EBITDA EVOLUTION BY AGRIBUSINESS SEGMENT – USD MM 191 FARMING 18 139 59 FARMLAND SALES 11 123 105 30 23 93 11 SERVICES 75 9 25 57 36 115 45 97 9 48 69 31 43 10 -1 -1 FY 17 FY 18 FY 19 FY 20 FY 21 FY 22 FY 23 31% 45% 50% 58% 5% 11% AVG. 2017-2019 27 AVG. 2020-2023 27
Slide 28: Dividends Received from Subsidiaries
DIVIDENDS RECEIVED FROM SUBSIDIARIES BY AGRIBUSINESS SEGMENT – USD CCL MM 63.0 ~60.3 28.2 may-23 40.1 38.3 0.5 AgroUranga 4.0 7.8 Otras nov-22 (Uranga Trading & 2.5 FyO Acopio) 35.6 24.5 ~22.0 FY 22 FY 23 1H 24
Slide 29: Cresud Stand Alone Debt Profile
CRESUD STAND ALONE DEBT PROFILE DECEMBER 30, 2023 – USD MM NET DEBT EVOLUTION AMORTIZATION SCHEDULE -31.6% GROSS DEBT 316.8 421 121.7 125.6 396 Series 24.3 383 XLIII (Jan-24) 80.8 288 52.8 Series 97.4 XLIV 39.8 (Jan-24) Banking debt 19.8 13.0 FY 24 FY 25 FY 26 FY 27 Banking debt New Issuances (Jan-2
Slide 30: Market Capitalization & CRESY Price
MARKET CAPITALIZATION & CRESY PRICE USD MM & USD 16,63 Dividend yield 13,62 ~3% 12,67 (historical avge) 11,84 11,99 10,95 11,05 983 10,18 9,35 9,48 815 8,95 744 7,51 743 7,36 709 6,01 6,23 655 6,37 643 609 5,57 4,70 563 526 532 473 2,71 437 360 373 389 300 297 152 30 FY 08 FY 09 FY 10 FY 11 FY 12 FY
Slide 31: Agenda
1 ARGENTINE MACRO OPPORTUNITY AGRIBUSINESS 2 LATAM & ARGENTINA & REAL ESTATE POTENTIAL REGIONAL AGRIBUSINESS 3 CRESUD & BRASILAGRO ARGENTINE 4 IRSA REAL ESTATE COSTA 5 IRSA URBANA PROJECT
Slide 32: Leading Real Estate Company in Argentina
LEADING REAL ESTATE COMPANY IN ARGENTINA Shopping malls 15 334,845 sqm RENTAL ✓ 30 years acquiring, SEGMENT 6 Office buildings 59,348 sqm developing and operating real Hotels estate 3 79,000 sqm ✓ Rental portfolio of approx. Costa Urbana 480,000 sqm of GLA DEVELOPMENT 866,000 sqm across Argentina SE
Slide 33: Premium Portfolio
PREMIUM PORTFOLIO BEST LOCATIONS BA City SHOPPING OFFICE Dot Building MALLS BUILDINGS Philips Argentina Zetta BA City 200 Della Paolera Intercontinental High income Area Mid Income Area Low Income Area 67% Expanding Corporate North Area Business Center BA Malls AAA Location market share HOTELS Back
Slide 34: Best Quality Assets
BEST QUALITY ASSETS Llao Llao Hotel (Bariloche - Patagonia) 200 Della Paolera (BA City) Zetta Building (BA City) 200 Della Paolera (BA City) 34
Slide 35: Main Recent Events
MAIN RECENT EVENTS 1 STRONG FINANCIAL & OPERATIONAL PERFORMANCE 2 MALLS’ TENANT SALES GROWTH AND HIGHER OCCUPANCY 3 HOTELS’ EBITDA REMAIN STRONG WITH HIGH OCCUPANCY 4 PREMIUM OFFICES’ OCCUPANCY IMPROVEMENT 5 STRONG REAL ESTATE ACTIVITY DURING THE QUARTER (SALE OF 2 FLOORS OF “200 DELLA PAOLERA”, EZP
Slide 36: Same Shopping Malls Sales in Real Terms
SAME SHOPPING MALLS SALES IN REAL TERMS +30.5% +8.0% 400,969 371,298 330,457 307,228 199,012 IIQ 20 IIQ 21 IIQ 22 IIQ 23 IIQ 24 COVID IMPACT 36
Slide 37: Shopping Malls Occupancy Evolution
SHOPPING MALLS OCCUPANCY EVOLUTION Recovering pre-pandemic levels after the impact of the 99.1% exit of Walmart & Falabella 98.8% 98.6% 98.5% 98.7% 98.0% 98,0% 97.4% 96.8% 94.9% 95.0% 94.8% 94.5% 94.7% 94.3% 93.7% 93.9% 93.2% 93.1% exit from Argentina 92.8% 91.5% 89.9% 89.5% 89.6% 89.1% 88.3% exit f
Slide 38: Office Buildings Operating Figures
OFFICE BUILDINGS OPERATING FIGURES STOCK LEASES (USD/SQM/MTH) & OCCUPANCY A+ & A (GLA: sqm) 115,640 114,475 92.8% 109,859 88.5% 86.9% 86.9% 200 Della Paolera 82,708 83.7% 200 Della Paolera República 59,348 IIQ 23 IIIQ 23 IVQ 23 IQ 24 IIQ 24 Bouchard Suipacha 26.3 26.4 26.1 710 25.5 25.7 200 Della Pa
Slide 39: Hotels Operating Figures
HOTELS OPERATING FIGURES HOTELS – Portfolio rate & occupancy BA HOTELS – Rate & occupancy (USD/room & %) (USD/room & %) 72.4% 71.4% 72.6% 36.4% 71.4% 71.6% 68.1% 6.9% 131 135 151.7 87 93 IIQ 20 IIQ 21 IIQ 22 IIQ 23 IIQ 24 42.5% COVID LOCKDOWN LLAO LLAO – Rate & occupancy (USD/room & %) 239.5 205 208
Slide 40: Premium Office Buildings Sales Since 2020
PREMIUM OFFICE BUILDINGS SALES SINCE 2020 Bouchard 710 12 Floors 22 Floors* 200 Della Paolera July 2020 15,014 GLA sqm 26,226 GLA sqm 87.2 USD MM 252.3 USD MM 5,800 USD/sqm 9,620USD/sqm ~4,937 remaining GLA *Does not include 4 floors sold to Globant in 554.7 USD BNA MM advance of the development Bos
Slide 41: Investment in 200 Della Paolera
INVESTMENT IN “200 DELLA PAOLERA” USD MILLION (BNA) TOTAL GLA 35,872 sqm Remaining100% occupied in sqm IIQ 24: 2 floors IIQ 24 at 4,937 2,395 sqm sqm sold 13.8% USD/sqm 30 11 parking spaces 30,935 USD 36.2 M 86.2% (USD14.9 M MEP) 32 228 210% Profit over 196 204% investment Profit over investment 112
Slide 42: Costa Urbana Project Work Progress
COSTA URBANA PROJECT WORK PROGRESS OBELISC NATIONAL PUERTO GOVERNMENT MADERO 866,806 Mixed-uses 15 – 20 years =1/3 Buildable sqm Potential Project PUERTO MADERO LATEST EVENTS: Premium ▪ The deeds of the 65 lots of the property were signed in nov-23 location (4 of them belongs to BA City, according t
Slide 43: Preliminary render for illustrative purposes
43 Preliminary render for illustrative purposes 43
Slide 44: Del Plata Building Trust
“DEL PLATA BUILDING” TRUST IN THE FRAMEWORK OF DOWNTOWN BA CITY RECONVERSION PROGRAM FROM COMMERCIAL TO RESIDENTIAL CURRENT PROJECT TRUST STRUCTURE Property owner: Banco Hipotecario Investors: IRSA, CRESUD & Others Project Developer: IRSA Beneficiaries (sqm): • Banco Hipotecario: 28.5% 35,000 14 720
Slide 45: Del Plata Building Project
“DEL PLATA BUILDING” PROJECT PRELIMINARY RENDERS
Slide 46: Ezpeleta Land Plot Barter Agreement
EZPELETA LAND PLOT BARTER AGREEMENT DECEMBER 2023 Land Plot Location Project to be developed by a 3rd party Quilmes, Buenos Aires 330 Single-family lots 6 Macro lots for medium- density developments IRSA will receive Guarantees Land plot size 46 ha • Mortgage on the 125 40% property Single-family Of
Slide 47: Properties for Mixed Use Developments
Caballito (BA city) PROPERTIES FOR MIXED U S E D E V E LO P M E N T S 15.8 Polo Dot (BA city) Costa Urbana (BA city) 15 Total surface (mm sqm) # Land Reserves 6.9 Buildable surface (mm sqm) Capacity to almost double current rental portfolio Malls expansions (BA City) Montevideo (Uruguay) La Plata (B
Slide 48: Rental EBITDA Evolution by Segment
RENTAL EBITDA EVOLUTION BY SEGMENT USD MILLION Shopping Malls Office buildings +26.9% Hotels 0% 167 166 15 17 131 14 10 12 115 26 95 18 9 28 139 139 44 93 0 89 58 25 19 FY19 FY20 FY21 FY22 FY23 IIQ24 COV I D - 1 9 LTM 48
Slide 49: Net Asset Value
NET ASSET VALUE 1 USD MILLION (AT OFFICIAL FX) LTV 14.2% 76 77 240 COSTA URBANA 440 641 22 1.694 231 1.454 Market Cap 647 651 P/NAV 0.44x Shopping Malls Offices Hotels Land reserves & Banco JV, Investees & Gross Asset Net Debt Net Asset Value Prop. Under Hipotecario Others 2 Value development 1- Ass
Slide 50: Deleverage Process Since 2020
DELEVERAGE PROCESS SINCE 2020 NET DEBT EVOLUTION – USD MILLION -68% 755 640 566 574 345 306 231 273 323 248 240 410 335 334 301 FY18 FY19 FY20 FY21 FY22 FY23 IIQ24 COVID-19 NET DEBT / RENTAL EBITDA 1.4x LTV 14.2% COVERAGE RATIO 12.0x 50
Slide 51: Dividend Distribution (Oct-23)
DIVIDEND DISTRIBUTION (OCT-23) DIVIDENDS EVOLUTION USD CCL MILLION Cash dividend ~67.4 64.0 • Paid in Argentina on 10/12/2023 (oct-23) Amount ARS 64,000 MM • FX and securities regulations in force in Argentina delayed the distribution to GDS holders. Per ordinary share ARS 88.4688 49.8 (may-23) • IR
Slide 52: IRSA Equity Value Opportunity
IRSA EQUITY VALUE OPPORTUNITY MARKET CAP & SHARE PRICE EVOLUTION 21,9 (USD mm & USD/ADR) Dividend yield ~5% 16,3 (Historical avg.) 15,3 15,7 14,9 12,5 1.396 10,2 9,5 9,4 1.039 1.001 8,60 8,8 948 973 8,12 796 6,4 6,7 5,53 652 659 634 651 4,3 604 566 3,7 3,6 430 3,0 450 410 277 290 244 175 FY 08 FY 09
Slide 53: IRSA Market Valuation Compared to LATAM Peers
IRSA MARKET VALUATION COMPARED TO LATAM PEERS IRSA TRADES AT 7.6x EV/EVITDA COMPARED TO 12x ITS REGIONAL PEERS EV / EBITDA EV / sqm (USD) Multiplan 13,5x Multiplan 4.416 Parque Arauco 12,6x Cencoshop 2.776 Mall Plaza 12,5x Iguatemi 2.380 Cencoshop 11,5x Parque Arauco 2.351 Iguatemi 11,3x Mall Plaza
Slide 54: Agenda
1 ARGENTINE MACRO OPPORTUNITY AGRIBUSINESS 2 LATAM & ARGENTINA & REAL ESTATE POTENTIAL REGIONAL AGRIBUSINESS 3 CRESUD & BRASILAGRO ARGENTINE 4 IRSA REAL ESTATE COSTA 5 IRSA URBANA PROJECT
Slide 55: The Land Plot
THE LAND PLOT 1 PREMIUM LOCATION 2 ARGENTINA’S BEST URBAN LAND RESERVE 3 APPROVED ON DEC-21 FOR MIXED-USE REAL ESTATE DEVELOPMENT 4 BA CITY EXPANSION OPPORTUNITY 55
Slide 56: Location
ALVEAR HOTEL LOCATION • Proximity to downtown, civic center, historic center and the OBELISC HILTON well-established Puerto BANKING HOTEL NATURAL Madero neighborhood AREA RESERVE 350 HAS NATIONAL GOVERNMENT • Across the docks, in direct PUERTO MADERO contact with the river and at the forefront of th
Slide 57: Potential Development
POTENTIAL DEVELOPMENT 866,000 sqm to be developed 70% 30% 56 Residential Commercial Plots USD 1.8 bn 490,000 sqm 360,000 sqm 45,000 sqm Estimated investment 20 plots – 21 towers 32 plots – 32 buildings 3 plots – for BA City Government 8 45 floor towers 10 11 floor buildings 3 11 floor buildings 15/2
Slide 58: Puerto Madero Development Case
PUERTO MADERO DEVELOPMENT CASE 2.000.000 Developed sqm in East Puerto Madero (Total and by use) 80% % Residential 1.863.806 1.800.000 % Offices 1.685.271 70% 1.663.314 1.600.000 1.513.979 % Other 1.415.988 60% 1.400.000 1.320.106 50% 1.200.000 1.156.468 1.000.000 40% 872.953 800.000 30% 605.446 600.
Slide 59: Puerto Madero Development Case
PUERTO MADERO DEVELOPMENT CASE Developed sqm evolution in East Puerto Madero 2.000.000 DIQUE 4 1.800.000 Dique 4 1.600.000 Dique 3 1st Stage 1.400.000 Dique 2 1.200.000 Dique 1 DIQUE 3 1.000.000 800.000 600.000 DIQUE 2 400.000 200.000 - Next Stage 2.002 2.021 Futuro 1.997 1.998 1.999 2.000 2.001 2.0
Slide 60: Puerto Madero Development Case
PUERTO MADERO DEVELOPMENT CASE NEW STOCK = ABSORPTION (SQM/YEAR) 160.000 147.968149.663 140.000 135.600 133.852 119.539 120.000 100.000 93.876 94.190 92.118 83.474 83.823 80.000 71.520 Avg: 77,000 sqm 63.659 62.377 60.000 58.195 56.802 50.286 51.267 44.592 42.289 41.267 40.000 33.352 33.505 32.313 2
Slide 61: Puerto Madero Development Case
PUERTO MADERO DEVELOPMENT CASE LAND & CONSTRUCTION COSTS EVOLUTION (USD/SQM) Land Price Construction Cost (vs. BA City average) 1.600 1.600 1.391 1.400 1.400 R.I. Promedio CABA 1.313 1.210 1.233 Pto. Madero 1.200 1.200 1.170 1.122 1.111 1.102 1.073 1.040 1.011 993 988 992 993 1.000 1.000 939 955 862
Slide 62: Costa Urbana Development
COSTA URBANA DEVELOPMENT STRONG HIDDEN VALUE FOR IRSA 1.8x Current portfolio (sqm) USD 360 mm Book Value = 80% IRSA’s Market Cap USD 400/sqm Book Value vs. USD 950/sqm avg. Puerto Madero Costa Urbana will drive the Company’s growth for the next 20 years Preliminary render for illustrative purposes
Slide 63: Thanks!
Thanks! ARGENTINE DAY New York - February 2024
Cresud — Argentine Day, Bank of America, New York, February 2024 on 6ix